MK322 Quiz 1: CH. 1 & CH. 3

four circumstances that indicate research is not the best option:

1) The Information Is Already Available 2) The Timing Is Wrong to Conduct Marketing Research 3) Costs Outweigh the Value of Marketing Research

elements of the marketing research proposal

1. statement of the problem 2. the research objectives 3. the research method 4. statement of deliverables 5. cost 6. timetable

Differences between basic and applied research

Basic research does not have immediate commercial objectives and although it certainly could, it may not necessarily result in an invention or a solution to a practical problem the goal of basic research is to expand knowledge intended to answer why, what, or how questions increase understanding of fundamental principles Applied research is designed to answer specific questions aimed at solving practical problems. New knowledge acquired from applied research has specific commercial objectives in the form of products, procedures or services.

big data

Database of appended consumer data and customer transactions. It knows what your customers look like, where they live, what they purchase, which marketing and social media channels they prefer, their loyalty and engagement levels, and so on problem with big data is that it doesn't tell you the reasons for these consumers' actions

Problem Identification Research (basic research)

Market potential research Market share research

What are the uses of research in general

The purpose of research is to inform action. Thus, your study should seek to contextualize its findings within the larger body of research. Research must always be of high quality in order to produce knowledge that is applicable outside of the research setting basic and secondary qualitative and quantitative

marketing research

doing your own research through methods such as focus groups and surveys; the customer tells you this information

variables

elements of a construct that can be measured or quantified

syndicated data

information collected by research companies that is available to those willing to pay a subscription

four subsystems of the MIS

internal reports, marketing intelligence, marketing decision support, and marketing research

who is secondary research conducted by?

others

types of market research

primary, secondary, quantitative, qualitative

basic research

research that is conducted to expand knowledge rather than to solve a specific problem Identify Underlying Problems •Market Potential Research •Market Share Research •Image Research •Market Characteristics Research •Forecasting Research •Business Trends Research

applied research

research that is conducted to solve specific problems Address Identified Problems •Segmentation Research •Product Research •Pricing Research •Promotion Research •Distribution Research

Flaw of focus groups:

sometimes customers don't have the right language to describe something; Most people don't know what they are missing until they experience it

hypotheses

statements that are taken as true for the purposes of argument or investigation

what is the most important step in the marketing research process?

step 2: defining the problem

Research objectives

tell the researcher exactly what information needs to be gathered and analyzed to allow managers to make decisions related to a problem

marketing

the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

marketing research proposal

the contract that documents what the marketing researcher pledges to deliver as a result of the marketing research process

descriptive analytics

what has happened? Historical data is collected and organized to create data sets that can be used to measure patterns

prescriptive analytics

what should happen?; foresees what will happen and when it will happen and also why it will happen provides recommendations on how to act upon it to take advantage of the predictions

Assumptions

assertions that certain conditions exist or that certain reactions will take place if the considered alternatives are implemented

marketing decision support system (DSS)

collected data that may be accessed and analyzed using tools and techniques that assist managers in decision making

marketing analytics

data that's already collected shows the company the what and the where but not the why; why is the customer coming to walmart over target; why are they buying this specific brand ex: each time you use your Dunkin' loyalty card, the company has info about you

marketing concept

a business philosophy that holds that the key to achieving organizational goals consists of the company being more effective than competitors in creating, delivering, and communicating customer value to its chosen target markets

symptom

a change in the level of a key monitor that measures the achievement of an objective or a perceived change in the behavior of a market factor that indicates an emerging opportunity

problem statement

a concise description of the problem or opportunity that management is facing that requires research to make a decision

situation analysis

a form of exploratory research undertaken to gather background information and data pertinent to the problem area that may be helpful in properly defining the problem decision

research objective

a goal-oriented statement or question that specifies what information is needed to solve a problem

marketing opportunity

a potentially favorable circumstance in which a company can perform successfully

market research

a process used to define the size, location, and/or makeup of the market for a product or service

MIS

a structure consisting of people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision makers

construct

an abstract idea or concept composed of a set of attitudes or behaviors that are thought to be related

Decision alternatives

marketing action that the manager thinks may resolve the problem

Validation

means that 10% (the industry standard) of all respondents in a marketing research study are randomly selected, re-contacted, and asked if they indeed took part in the study

qualitative research

non-numerical data; focus groups, get peoples' opinions; then do survey to get quantitative data

predictive analytics

what could happen?; provides an estimation of the likelihood of a future outcome and provides recommendations on how to act upon it to take advantage ex: machine learning, data mining, modelling, game theory, regression analysis

action standard

the predesignation of some quantity of a measured attribute or characteristic that must be achieved for a predetermined action to take place

Marketing research

the process of designing, gathering, analyzing, and reporting information that may be used to solve a specific marketing problem

who is primary research conducted by?

the self

quantitative research

to test the hypothesis between variables

Invitations to bid

used in the marketing research process. These are routinely used in all business sectors when a firm desires supplier firms to present proposals or bids.